Listing Agency: RE/MAX FORTUNE PROPERTIES Show Phone

Listed By: SHIN CHUNG · License #0340510 Show Phone

Source: Corcoran

Added: May 31, 2024 Changed: Oct 19 Last Checked: Oct 19 at 6:34AM

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Investment Insights

Based on property information with market context.

This two-story mixed-use building, formerly used as a bank, offers both retail and office space. Constructed in 1980, the building encompasses 6,106 square feet and is situated on a 21,543-square-foot lot. The property includes 22 parking spaces and has a frontage of 142 square feet. Property taxes were $36,308 in 2022.

Key Highlights

• Large building: 6,106 sqft ideal for mixed retail/office.
• Ample parking: 22 spaces for customer and employee convenience.
• Substantial land size: 21,543 sqft lot with expansion potential.

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$174,135

Cap Rate

8.73%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$3,482,700 $3.5M

Cap Rate 7%

$2,487,643 $2.5M

Cap Rate 9%

$1,934,833 $1.9M

Is this asking price fair?

Market Conditions

NOI Build-Up for 6,106 SF

Gross rent

$274.8K $45.00/SF

− Vacancy

−$42.6K −$6.98/SF

EGI

$232.2K $38.03/SF

− OpEx

−$58.0K −$9.51/SF

NOI

$174.1K $28.52/SF

Area

Rockland County, NY

Vacancy

15.50%

Lease Rate

$45.00 /SF/Yr

Expense Ratio

25.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$3,482,700

Cap Rate 7%

$2,487,643

Cap Rate 9%

$1,934,833

Alternative Uses

Best Use

Office B

$2.49M

$2.18M – $2.90M (±1% cap)

NOI $174,135 @ 7.0% cap · market cap 8.73%

Second Best

Retail

$1.23M

$1.07M – $1.43M (±1% cap)

NOI $85,988 @ 7.0% cap · market cap 4.31%

Theoretical Best

Specialty Retail

$4.04M

$3.53M – $4.71M (±1% cap)

NOI $282,601 @ 7.0% cap · market cap 14.17%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Mixed-use properties

Suggested Use

Top Pick Real Estate Agency Law Firm Parking Lot & Garage Daycare Center Auto Parts Store Computer & Electronic Repair

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

650

Businesses Nearby

Explore this area Business Placement

Demographics for 10983, NY

5,777

Population

1,926

Households

3

Avg Household Size

44

Median Age

62%

College-Educated

93%

High-School Grad

2.1 sq mi

ZIP Area

2,751

Density / Sq Mi

$178,664

Median Household Income

$70,800

Median Earnings

$2,237

Median Rent

$593,200

Median Home Value

Market

Vacancy Rate% for Office in Northeast region

13.1% 2019

15.4% 2020

17.6% 2021

19.1% 2022

20.2% 2023

20.9% 2024

19.9% 2025

Frequently Asked Questions

What type of property is this?

Mixed-use property - Two-story mixed-use building with retail and office space.

Where is this mixed-use property located?

The property is located at 16 Route 303 Tappan, NY.

What is the asking price?

The asking price for this property is $1,995,000.

What are key features of this property?

This property features: Large building: **6,106 sqft** ideal for mixed retail/office.; Ample parking: **22 spaces** for customer and employee convenience.; Substantial land size: 21,543 sqft lot with expansion potential.